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I saw evidence of this on my Nexus One. I was able to tether with bluetooth for about 25% longer than with WiFi. My battery was towards the end of its life, though, so 25% extra was probably 2 hours of standby.

Well calling is hard on the battery, much its like 100% bandwidth usage for the duration for the call. I now txt using my N7 and only use my Gnex to tether and make/take calls, unless I skip charging I have no battery issues

I just want to point out that I've never had issues with Bluetooth tethering. I use it every friday with my fiancee's Galaxy Tab 8.9 when I take her to the chiropractor. It's never dropped once, and tends to get higher speeds than wireless tethering.

EDIT: Oh, also, this is just an anecdote, so I don't know how universal it is, but if you're in an area that regularly drops 4G and switches to 3G (like her chiropractor's office), disable 4G altogether. I jumped from about 400Kbps to 3Mbps on 3G.